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FinTech is the Future, MSMEs are the Backbone of Indian Economy: Narendra Modi

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Prime Minister Narendra Modi said the micro, small and medium enterprise (MSME) sector is the backbone of the India economy and the government is committed to promote this sector.

Addressing the Economic Times Global Business Summit in New Delhi, Prime Minister Narendra Modi said that the MSME sector is the backbone of the economy and the centre is constantly endeavouring for the promotion of the sector.

To bring more and more small business to the formal sector, attention has been given to higher credit support, capital and interest subsidy and innovations, he added.

Financial technology can play a key role for the MSME sector, he said, adding that the government is pushing FinTech usage to provide the sector with financial access and to push their growth faster.

Increasing use of FinTech is strengthening the Indian economy, he said.

Talking about the Digital India Mission, the Prime Minister said that the trinity of 100 crore bank accounts, 100 crore Aadhaar cards and 100 crore mobile phones, would create a unique ecosystem, not seen anywhere else in the world. He also spoke of initiatives taken for the MSME sector.

Talking about the Digital India Mission, the Prime Minister said that the trinity of 100 crore bank accounts, 100 crore Aadhaar cards and 100 crore mobile phones, would create a unique ecosystem, not seen anywhere else in the world. He also spoke of initiatives taken for the MSME sector.

The Prime Minister said that there is unprecedented investment being made today in infrastructure, agriculture, technology, health sector, and education sector.

Modi also mentioned the initiatives taken in the health sector, such as Mission Indradhanush, Jan Aushadhi Stores, and the Ayushman Bharat scheme.

Talking about the Digital India Mission, the Prime Minister said that the trinity of 100 crore bank accounts, 100 crore Aadhaar cards and 100 crore mobile phones, would create a unique ecosystem, not seen anywhere else in the world.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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